I bought 2 rings at a jewelry auction!
July 3, 2008 6:25am CST
I went to my first ever jewelry auction last Sunday and ended up buying an emerald ring with diamonds, and a sapphire ring with diamonds, costing almost USD4,000. When I got home my husband was shocked to say the least as it was completely out of character for me to do something like that. He immediately started 'googling' the jewelry appraiser names, the auctioneer's name, etc, and found one of the appraisal companies being condemned on a forum as having grossly overvalued this jewelry someone had bought. Needless to say, we started getting worried about my purchase. Although I hadn't paid anything near the actual value they'd given the two rings which was more than USD31k, we are still worried that the rings may not be what they've claimed it to be. I know when you buy at auctions, it's on a 'as seen' basis, but all the items up for auction had an appraisal report or valuation certificates, and it didn't cross my mind for a second that there might be something fishy about them. I initially took the rings to a jeweller's for a quick opinion and I was assured that I'd paid a fair price for them. I've now sent the rings to a local gemology lab for a gemology report and am considering getting a valuation done on both rings. It was greed that made me buy the sapphire ring as I thought I may be able to sell it on for a higher price. The emerald ring I bought as it's supposed to be my lucky stone, but now I'm not sure if I should get rid of that as well. I've looked at some online auction sites and I'm wondering if I would actually be able to recover the price I paid for the rings if I decide to sell them both. I've never done anything like this before as I'm very careful when making purchases and this is probably the most expensive stuff I've ever paid for. Has anyone ever been in a similar predicament or does anyone have experience selling their jewelry online? Any websites you can recommend. I live in Hong Kong by the way.